Latest Government budget deficits News

Report: California likely to have $25 billion budget deficit

Nov. 16, 2022 18:45 PM EST

SACRAMENTO, Calif. (AP) — California will likely have a $25 billion budget deficit next year, state officials announced Wednesday, ending a run of historic surpluses and acting as a warning to other states about a potential recession. Democratic-controlled California taxes rich...

Deficit figures set up competing visions from Biden and GOP

Oct. 21, 2022 14:34 PM EDT

This fiscal year’s budget deficit shrunk in half from last year, but the red ink soared on a monthly basis in September largely because of President Joe Biden's plans to forgive student debt, as three decades' worth of costs were compressed into a single month. The budget figures...